Market Overview
Fluorochemicals are fluorine-containing hydrocarbons. These are the chemical compounds in which fluorine replaces at least one hydrogen atom. Fluorochemicals are widely used in the medical and dental care industries, as well as in chemical manufacture.
It is utilized in the plasma etching of semiconductors and light bulbs, as well as the production of flat display panels and polymers like polytetrafluoroethylene (PTFE). As the world’s population grows at an exponential pace, the demand for fluorochemicals is expected to grow for applications such as refrigeration, HVAC, construction, and others.
The increased demand for HVAC technology in the construction sector is a major market driver for the global fluorochemicals market. Rising commercial and residential construction activities in emerging nations throughout the globe have increased the need for ventilation systems throughout buildings, boosting demand for fluorochemicals for refrigeration applications.
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Market Growth Analysis
As per DataM Intelligence’s latest report, the “Global Fluorochemicals Market” is estimated to reach at a CAGR of 5.31% during the forecast period 2023-2030.
Market Drivers
Growing Demand from Various End-use Industries to Propel Growth
The rising demand for electrical and electronic products is a major factor driving global fluorochemicals consumption. This, together with an increase in the need for refrigerants and the addition of aluminium products, is adding incentive to the request. Furthermore, increased demand from the automotive, healthcare, and dentistry industries is expected to contribute to significant growth in the future years.
Market Opportunities
Low penetration of fluoropolymers in numerous countries across the globe generates growth opportunities for market players in the fluorochemicals market. Moreover, the increased manufacturing of aluminium, semiconductors, batteries, and other electronic components is expected to increase demand for high-value fluorochemicals.
Segmentation Analysis
The global fluorochemicals market is segmented by type into fluorocarbons, fluoropolymers, fluoroelastomers, aluminium fluoride, inorganic & specialities, and others; and by application into refrigerants and chillers, aluminium production, blowing agents, medical applications, electrical and electronics, and others.
Fluoropolymers’ Electrical Qualities Make them Desirable in Electronic and Electrical Applications, Fueling the Segment’s Development.
The fluoropolymers segment is a significant sort of fluorochemicals market. A fluoropolymer is a polymer composed of numerous carbon-fluorine links. The polymer has great resistance to various solvents, acids, and bases, allowing it to grow in a variety of end-user industries.
For example, the polymer is utilized in the automobile sector for O-rings, valve stem seals, gaskets, shaft seals, linings for gasoline hoses, power steering, and transmission applications owing to its thermal, mechanical, chemical, and friction qualities.
Fluoropolymers are in high demand in the electrical/electronic sector for flexible printed circuits, electrical insulation, and ultrapure components for semiconductor fabrication due to their dielectric constant, flame resistance, and thermal stability.
In addition, the electrical characteristics of fluoropolymers make them very important as insulation in electronic and electrical applications, such as FEP in data transmission wire and cable. Because of their mechanical properties, chemical resistance, surface energy, and biological stability, polymers are employed in the medical sector for cardiovascular grafts, ligament replacement, and heart patches.
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Key Developments of Fluorochemicals Market
Regional Insights
By region, the global fluorochemicals market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Asia Pacific to Hold Significant Share of Global Fluorochemicals Market
The Asia-Pacific market is likely to be the largest and fastest growing in the next years. This is due to the increasing usage of refrigerants in HVAC systems in the automobile and infrastructure industries. The products of Fluor Technology are often employed in the construction and building sectors. These include Anti-corrosion, high-strength, and UV-resistant materials such as caulks, wire and cable, architectural membranes and coatings, and wire and cable.
An increase in packaged and frozen food consumption has led to an increase in market demand for commercial cooling systems, which is expected to boost the fluorochemical industry’s development. According to the Ministry of Economy, Trade, and Industry (METI), the value of electric refrigerators manufactured in Japan in 2021 would be JPY 229.39 billion yen ($2.09 billion), a 2.64 per cent increase over 2020.
Because of their low cost, fluorine-based compounds such as AHF are widely employed in the manufacturing of aluminium. According to the People’s Republic of China’s Ministry of Industry and Information Technology, the amount of primary aluminium produced in China in 2021 will be 38.5 million tons, up 3.8% from 2020. As a result, the country’s fluorochemicals industry is likely to benefit from increased demand.
Competitive Landscape
The major global players contributing to the fluorochemicals market growth include 3M, DuPont, Solvay SA, Arkema, Asahi Glass Corporation, Daikin Industries, Honeywell International Inc., Dongyue Group, Gujarat Fluorochemicals Limited, The Chemours Company, among others.
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